The founder of the doomed Fyre Festival drives a $110,000 Maserati and rents a $21,000-a-month penthouse

Billy McFarland after being released on bail on July 1. AP/Mary Altaffer Billy McFarland, the cofounder of the musician-booking app Fyre Media and its disastrous Fyre Festival, was arrested by federal authorities on Friday on a wire-fraud charge.

He was released Saturday on $300,000 bail, but not before aspects of his lifestyle were revealed in a hearing.

According to The New York Times, McFarland is making payments on a Maserati with a suggested retail price of $110,000 and renting a Manhattan penthouse apartment for $21,000 a month.

He is currently being represented by a public defender. At the time of his arrest, he had $5,000 in cash on him.

McFarland's "lavish lifestyle" was a cause of concern for the court, said Assistant US Attorney Kristy Greenberg. She questioned whether McFarland was of the limited means typically required to be appointed a public defender.

McFarland had retained both a crisis public relations firm and a legal team to defend him from several pending lawsuits, but his previous lawyers had not been paid enough to continue to represent him, his current lawyer said, according to The Times.

"There are real questions about where his money is," Greenberg told the judge at McFarland's bail hearing.

McFarland is facing allegations that he lied on financial-disclosure forms and defrauded investors in Fyre Media by overstating the company's income and cash on hand.